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pashok25 [27]
4 years ago
9

JFS Co. constructed a new subdivision during 2020 and 2021 under contract with National Hoopla Company. Relevant data are summar

ized below: Contract amount $ 3,000,000 Cost in the year: 2020 1,200,000 2021 600,000 Cost to complete: 2020 1,000,000 2021 800,000 Contract billings: 2020 1,500,000 2021 1,500,000 JFS recognizes revenue upon completion of the contract. In its December 31, 2020, balance sheet, JFS would report: Multiple Choice The contract asset, deferred profit, of $400,000. The contract asset, contract amount in excess of billings, of $1,500,000. The contract asset, cost and profits in excess of billings, of $500,000. The contract liability, billings in excess of cost, of $300,000.
Business
1 answer:
timama [110]4 years ago
7 0

Answer:

The contract asset, cost and profits in excess of billings, of $500,000.

Explanation:

As JFS follows completion contract method, the following will be recognized in the books for December 31, 2020:

1. Cost to Complete -                        $1,000,000

2. Revenue (billings done in 2020) <u>$1,500,000</u>

3. Profit -                                             <u>$500,000</u>

Hence, the third option is correct

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3 years ago
The definition of input , out put and processing please
goldfiish [28.3K]

The best definitions of input, output and processing are as follows:

  • Input refers to the resources that are used up in production to create further value, finished goods, or more input for further processing.

  • Processing is the intervening activity that changes the input to output.

  • Output is the product of processing input or resources.  Output is typically the finished outcome from a processing activity.

<h3>What is the relationship between input, output, and processing?</h3>

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Processing involves changing, manipulating, or transforming input resources into output or finished products.

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Learn more about input, output, and processing at brainly.com/question/25250720

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2 years ago
Where's the best place for a 17 year old to work at.<br> ps. im 17
mars1129 [50]

Finding the right place to be a waitress at could be really good :) But if you're not too inclined to rely mostly on tips here's a list of good places that have some benefits (free food, flexible schedule, etc.)


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4 0
3 years ago
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Answer:

-3 million dollars

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we have EVA = economic value added

to ge the EVA, we use this formula :

(operating return on the assets - cost of the total capital) multiplied by the total assets

total assets = 100 million

operating return = 12 percent

cost of capital = 15 percent

the EVA = 12% - 15% * 100000000

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= -3,000,000 dollars

b. The loss of the value of the shareholder is happening even though the firm is earning ROI that is more than the average firm in the industry.

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Marian is itemizing deductions on her federal income tax return and had
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Answer:

B, 580

Explanation:

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